FIA comments on ECB draft cyber resilience oversight expectations

FIA comments on ECB draft cyber resilience oversight expectations

FIA offered comments to the European Central Bank on June 5 regarding the draft cyber resilience oversight expectations for financial market infrastructures.

In the comments, FIA urged the ECB to adopt a principles-based approach that encourages the use of best practices by global FMIs and allows regulatory harmonization without requiring operations within the Eurosystem to be ring-fenced due to conflicting requirements. A key concern is that prescriptive cyber security requirements cause financial institutions to focus more on compliance than resilience and innovation in emerging technologies.